BANK OF NOVA SCOTIA $59.55 (Toronto symbol BNS: Shares outstanding: 1.0 billion; Market cap: $61.9 billion; TSINetwork Rating: Above Average; Div. yield: 3.5%, www.scotiabank.com) is the third largest of Canada’s five big banks, with assets of $541.3 billion.
In the three months ended January 31, 2011, the bank earned a record $1.2 billion, or $1.07 a share. That’s up 18.8% from $988 million, or $0.91 a share, a year earlier.
Bank of Nova Scotia continues to set aside less money to cover bad loans because of the improving economy. Loan-loss provisions fell 27.5%, to $269 million from $371 million a year earlier.
Earnings at the Canadian banking division rose 14.0%, to $496 million, on higher demand for mortgages and credit cards. The international-banking division’s earnings jumped 34.6%, to $342 million. That mostly reflects the acquisition of Puerto Rico’s R-G Premier Bank, and strong demand for business loans in Asia and Peru. Profits at the wealth-management division rose 18.0%, to $216 million. The bank’s fee income varies with the value of the securities it manages, and rising stock markets have pushed up that value.
Thanks to the strong earnings, the bank raised its quarterly dividend by 6.1%, to $0.52 a share from $0.49. The shares now yield 3.5%.
Bank of Nova Scotia is still a safety-conscious buy.
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